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Last Updated : May 03, 2019 12:34 PM IST | Source: Moneycontrol.com

Sell USDINR; target of 69.45 - 69.35: ICICI Direct

ICICI Direct expects USDINR to meet supply pressure at higher levels. Utilise the upsides in the pair to initiate short positions.

ICICI Direct's currency report on USDINR

Spot Currency

The rupee extended gains for third consecutive session rising by almost 21-paise v/s US$. It is expected to open mildly lower today while slump in oil prices would help limit depreciation • Dollar index extended gains against major currencies ahead of April employment data today. Fed has maintained “patient approach” and as such it has reduced the expectations of a rate cut. Today’s April employment data would be keenly watched as further strong data would support US$ in backdrop of weak data from other major economies.

Benchmark yield

Sovereign benchmark treasury yields declined to 7.39% on Thursday. Yields have witnessed mild cool off as slump in oil prices and recovery in flows supported rupee • US treasury yields rose to 2.54%. Yields remain supported as recent strong US economic data as well as less than expected dovish Fed policy meet has supported yields.

Currency futures on NSE

The dollar-rupee May contract on the NSE was at 69.62 in the previous session. May contract open interest increased 4.05% in the previous session • We expect the US$INR to meet supply pressure at higher levels. Utilise the upsides in the pair to initiate short positions.

Intra-day strategy 

US$INR May futures contract (NSE) View: Bearish on US$INR
Sell US$ in the range of 69.73 -69.79 Market Lot: US$1000
Target: 69.45 / 69.35 Stop Loss: 69.93
Support Resistance
S1/ S2: 69.55 / 69.35 R1/R2:69.75 /69.95

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on May 3, 2019 12:34 pm
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